Tds receivable

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divya sri ketha (Querist)
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14 September 2012 If after finalization of Financial statements of FY 11-12 if any Tds Receivable came to known regarding Fy 11-12 which is not reflected in Financials then what shall we do

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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14 September 2012 you can account in current financial year giving notes to accounts as omitted last year.

divya sri ketha

divya sri ketha (Querist)
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15 September 2012 then we can set against current tax or not

Praveen Kumar Rathi

Praveen Kumar Rathi (Expert)
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15 September 2012 you should dr. it into capital account. yes you surely take credit of that TDS.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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15 September 2012 Current year tax cannot be adjusted because the TDS should be claimed in the particular year which the income has booked & form 26as reflected.so accounting entry you can make the last year tds omitted only. for return you can claim actual normal tds. incase already filed, you need to revise the return with claiming the omitted TDS

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